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Monday, 08 September, 2008, 18:20 GMT | more prices >>

Lula vows not to ditch biofuels push



By Upstream staff 

Brazil will continue to invest in biofuels despite state-run Petrobras unveiling the massive Tupi find, in the Santos basin, President Luiz Inacio Lula da Silva said today.

"We all know about the warming of the planet and we all know that oil is one of the causes of this problem. So we will continue to invest in biofuels," Reuters quoted Lula as saying in his weekly radio broadcast.

Renewable fuels will also strengthen Brazil's position in the world energy matrix, he said.

Lula said the Tupi find turned Brazil into one of the world largest oil producers. But it would take five to six years for Petrobras to begin exploiting the field's reserves, which lie in a sub-salt later about 6000 metres below the ocean floor, he said.

Tupi field has estimated recoverable reserves of between 5 billion and 8 billion barrels, 85% of it light crude, according to Petrobras.

Brazil will also continue to invest in Bolivia to guarantee natural gas supplies, Lula said.

"We need to invest in Bolivia so we can produce more to supply Bolivia's internal market, the Brazilian market, the Argentine market and the Chilean market," he said.


Monday, 12 November, 2007, 13:06 GMT  | last updated: Monday, 12 November, 2007, 13:06 GMT

Tupi delight: while the Tupi field will catapault brazil into the major league of producers, President Luiz Inacio Lula da Silva has promised that country will continue its push for biofuels
 

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